The Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order 1988

Explanatory Note

(This note is not part of the Order)

This Order makes provision for certain exemptions from the requirement imposed by section 57 of the Financial Services Act 1986 that no person other than a person authorised under that Act may issue or cause to be issued an investment advertisement in the United Kingdom unless its contents have been approved by an authorised person.

Article 3 of the Order is concerned with advertisements issued by bodies corporate to existing members and creditors. Article 4 is concerned with advertisements issued in connection with employee share schemes. Articles 5 and 6 respectively concern advertisements issued within groups of bodies corporate and advertisements between participants or potential participants in a joint enterprise. Article 7 concerns investment advertisements issued in connection with the sale of goods or supply of services. Article 8 concerns advertisements issued by persons without a permanent place of business in the United Kingdom to persons with whom they have an existing relationship established abroad. Article 9 concerns advertisements issued to certain persons sufficiently expert to understand the risks involved. Article 10 concerns advertisements issued to persons who are regarded as having an existing and common interest in the subject matter of the advertisement. Article 11 concerns certain advertisements issued by trustees and personal representatives. Article 12 concerns advertisements issued by operators of recognised collective investment schemes who are not authorised under the Act.